No recent image

Worker productivity slumped by much more than expected in the third quarter, data from the Department of Labor showed Thursday.
Hours worked increased by at a seasonally adjusted, annualized rate of seven percent in the July through September period, while output increased just 1.7 percent.

This is the worst productivity decline since the second quarter of 1981, when the measure decreased 5.1 percent. Economists had expected a milder decline of around 1.5 percent.

Productivity jumped in the first half of the year as output soared 8.1 percent in the first quarter and 8.5 percent in the second, outpacing the growth in hours worked. The second-quarter productivity figure was revised up to 2.4 percent growth from the earlier estimate of 2.1 percent as output was revised upward and hours worked revised down.
Compared with …

The post U.S. Labor Productivity Worst Decline in 40 Years appeared first on Populist Press 2021 ©.